BC Chambers Working Together to Support Businesses during the Pandemic

• A payroll subsidy equal to 10% of remuneration paid during a 3 month period up to $25,000 per employer (for companies with payrolls under $1,000,000)
• Liquidity measures for business that will be available through banks, other financial institutions as well as BDC and EDC
• An emergency support benefit for those who lose their jobs and don’t qualify for EI (this includes self-employed workers who have to close up shop)
• Extending the tax filing deadline to June 1
• Allowing taxpayers to defer tax payments until after August 31 (for amounts that are due after today and before September)
• Temporarily boosting of the Canada Child Benefit payments, delivering about $2 billion in extra support.

Of note in this morning’s federal announcement is the new “Emergency Care Benefit” which offers up to $900 biweekly (for up to 15 weeks) to provide income support to workers who have to stay home and don’t have access to paid sick leave. The measure could disburse up to $10 billion. Also of note is a six-month, interest-free reprieve on student loan payments.

We will circle back with more details and links to resources as soon as we get them.

On the Provincial Front

How is BC tackling the situation? The Premier confirmed that the province has a “three stage” focus in these early days:

1. The health and safety of BC citizens
2. Support for people and businesses
3. Economic recovery

On the subject of business continuity and recovery, the BC Chamber tabled our network’s key considerations around what the province should further consider as it crafts its package for businesses, including but not limited to:

1. Being more flexible around tax remittances (including the EHT)
2. Working with municipalities to allow for delayed property tax payment
3. Working with credit unions to ensure zero interest loans, lines of credit
4. Enhancing EI access and wider wage replacement options for employees
5. Providing funding for business to work remotely